The sold assets included the Pōkeno manufacturing facility and associated inventory, as well as leasehold Auckland sites, including assets held at the blending and canning facility on Richard Pearse Drive and the leased warehouse facility on Jerry Green St.
The company’s balance sheet had been hit by costs associated with the recent manufacturing challenges, which saw it report a first-half net loss of $80.6m for the period ended January 2026.
Of the sale proceeds, $200m would be used to repay Synlait’s bank facilities, leaving its balance sheet in a strong operational position.
However, Wyeth said there was more work to do.
He said his focus was on achieving steady, high-quality output, without exception.
“So we’re looking to simplify the business. We’re looking to stabilise the business. Then we can scale from there.
“Making advanced nutritional infant formula is relatively complex, and when it goes well, you get really good results.
“If it doesn’t go well, that product goes straight to stockfeed as opposed to a high-value product.
“That’s why that focus on operational performance is so important.”
– RNZ